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| 8-K - 8-K - CHICOPEE BANCORP, INC. | cbnk125120128-k.htm |
Chicopee Bancorp, Inc. Reports a 124.1% increase in year-end Net Income and Declares
First Cash Dividend
CHICOPEE, Mass., January 24, 2013 (GLOBE NEWSWIRE) -- Chicopee Bancorp, Inc. (the “Company”) (NASDAQ:CBNK), the holding company for Chicopee Savings Bank (the “Bank”), announced the unaudited results of operations for the three and twelve months ended December 31, 2012.
The Company also announced on January 24, 2013, that its Board of Directors declared its first quarterly cash dividend of $0.05 per share. Stockholders of record on February 4, 2013 will receive the cash dividend on or about March 8, 2013. This is the Company’s first dividend since completing its initial public stock offering in June 2006.
The Company reported an increase in net income of $614,000, or 162.0%, from $379,000, or $0.07 earnings per share, for the three months ended December 31, 2011 to $993,000, or $0.19 earnings per share, for the three months ended December 31, 2012. The increase in net income for the three months ended December 31, 2012 compared to the three months ended December 31, 2011, was primarily due to a decrease in non-interest expense of $365,000, or 7.8%, a decrease in the provision for loan losses of $64,000, or 24.1%, an increase in net interest income of $246,000, or 5.4%, and an increase in non-interest income of $245,000, or 35.1%. These improvements were partially offset by an increase in the Company’s combined federal and state effective tax rate from a tax benefit of 6.8% for the three months ended December 31, 2011 to an effective tax rate of 22.2% for the three months ended December 31, 2012.
The $365,000, or 7.8%, decrease in non-interest expense for the three months ended December 31, 2012 was primarily due to the decrease in salaries and benefits of $313,000, or 11.7%, a decrease in FDIC insurance expense of $38,000, or 30.6%, a decrease of $23,000, or 18.3%, in professional fees and a decrease of $14,000, or 6.4%, in furniture and equipment. These decreases were partially offset by an increase in stationery, supplies and postage of $5,000, or 6.0%, and an increase in data processing of $15,000, or 5.2%. The $313,000, or 11.7%, decrease in salaries and benefits was directly attributed to the decrease in the expense related to the 2007 Equity Incentive Plan. The restricted stock awards and stock options granted in 2007 were fully expensed on July 27, 2012.
The Company is committed to reducing costs to improve operating efficiency by controlling operating expenses and managing net interest income. The efficiency ratio improved from 88.2% for the three months ended December 31, 2011, to 81.6% for the three months ended September 30, 2012 and to 74.4% for the three months ended December 31, 2012. Management will continue to implement strategies to improve the Company’s efficiency ratio and profitability.
Non-interest income increased $245,000, or 35.1%, from $699,000 at December 31, 2011 to $944,000 at December 31, 2012. The increase in non-interest income was primarily due to a $258,000, or 209.8%, increase in income from loan sales and servicing, net, and a $30,000, or 6.0%, increase in customer service fees and commissions, partially offset by a $37,000 charge for other than temporary impairment of equity securities in the 2012 period.
The $246,000 increase in net interest income to $4.8 million for the three months ended December 31, 2012 was due to a $320,000, or 20.3%, decrease in interest expense, partially offset by a $74,000, or 1.2%, decrease in interest and dividend income from loans and investments due to the continued low interest rate environment. The decrease in interest expense was due to a $149,000, or 12.6%, decrease in deposit costs and a $171,000, or 43.5%, decrease in borrowing costs, including repurchase agreements.
The net interest margin increased twenty four basis points from 3.40% for the three months ended December 31, 2011 to 3.64% for the three months ended December 31, 2012. The interest rate spread increased twenty-six basis points from 3.11% for the three months ended December 31, 2011 to 3.37% for the three months ended December 31, 2012. The average cost of funds for the three months ended December 31, 2012 decreased 23 basis points compared to the 2011 period. The decrease in the cost of funds was primarily due to the continuation of low market interest rates, which allowed the Company to renew or replace maturing time deposits at lower costs. In addition, the average balance of demand deposit accounts, an interest free source of funds, increased $11.9 million, or 19.0%, for the three months ended December 31, 2012 compared to the 2011 period.
1
The Company reported an increase in net income of $1.4 million, or 124.1%, from $1.1 million, or $0.21 earnings per share, for the twelve months ended December 31, 2011 to $2.5 million, or $0.48 earnings per share, for the twelve months ended December 31, 2012. The increase in net income was primarily due to an increase in net interest income of $822,000, or 4.6%, a decrease in non-interest expense of $429,000, or 2.3%, an increase in non-interest income of $373,000, or 14.1%, and a decrease in the provision for loan losses of $400,000, or 47.5%. These improvements were partially offset by an increase in the Company’s combined federal and state effective tax rate from a tax benefit of 7.6% for the twelve months ended December 31, 2011 to an effective tax rate of 19.1% for the twelve months ended December 31, 2012.
The increase in net interest income of $822,000, or 4.6%, from $17.9 million at December 31, 2011 to $18.8 million at December 31, 2012 was primarily due to the $1.3 million, or 18.5%, decrease in interest expense directly attributed to a $786,000, or 15.1%, decrease in deposit costs and a $489,000, or 28.7%, decrease in borrowing costs, including repurchase agreements. The decrease in interest expense was offset by the $453,000, or 1.8%, decrease in interest income due to the continued low interest rate environment.
Average interest earning assets for the twelve months ended December 31, 2012, increased $13.9 million, or 2.5%, from the same period in 2011. The yield on assets decreased 18 basis points, primarily due to the 28 basis point decrease in the loan yield. While the average interest-bearing liabilities increased $2.9 million, or 0.7%, the cost of funds decreased 30 basis points and was driven primarily by the 39 basis point decrease in the cost of time deposits due to the continuation of low market interest rates, which allowed the Company to renew or replace maturing time deposits at lower costs. This decrease was partially offset by the 57 basis point increase in the cost of NOW accounts. The net interest margin increased seven basis points from 3.47% for the twelve months ended December 31, 2011, to 3.54% for the twelve months ended December 31, 2012. The interest rate spread increased twelve basis points from 3.16% for the twelve months ended December 31, 2011 to 3.28% for the twelve months ended December 31, 2012. The average balance of demand deposit accounts, an interest free source of funds, increased $14.4 million, or 27.5%, for the twelve months ended December 31, 2012 compared to December 31, 2011.
Non-interest income increased $373,000, or 14.1%, from $2.7 million at December 31, 2011 to $3.0 million at December 31, 2012. Income from customer service fees and commissions increased $264,000, or 13.4%, and income from loan sales and servicing, net increased $294,000, or 78.8%. These increases were partially offset by an increase of $123,000, or 97.6%, in net losses on the sale other real estate owned (“OREO”), a decrease of $12,000, or 100%, in net gain on sales of securities available for sale, and a decrease of $15,000, or 3.8%, in income from bank owned life insurance, and a $37,000 charge for other than temporary impairment of equity securities in 2012
The provision for loan losses was $442,000 for the twelve months ended December 31, 2012 compared to $842,000 for the twelve months ended December 31, 2011, a decrease of $400,000, or 47.5%. Non-performing loans decreased $724,000, or 15.4%, from $4.7 million, or 1.05% of total loans, at December 31, 2011 to $4.0 million, or 0.85% of total loans, at December 31, 2012. Total allowance for loan losses as a percentage of non-performing loans improved from 97.1% at December 31, 2011 to 109.5% at December 31, 2012.
Non-interest expense decreased $429,000 for the year ended December 31, 2012 compared to 2011. The decrease in non-interest expense was primarily due to a $466,000, or 4.3%, decrease in salaries and benefits, a $180,000, or 33.5%, decrease in FDIC insurance expense due to the new asset based assessment, a $58,000, or 3.8%, decrease in occupancy expense, a $47,000, or 4.0%, decrease in data processing and a $25,000, or 6.9%, decrease in stationery, supplies and postage. These decreases were partially offset by a $23,000, or 4.0%, increase in advertising expense, a $70,000, or 9.6%, increase in furniture and fixtures, and a $251,000, or 10.5%, increase in other non-interest expense. The increase in other non-interest expense was primarily due to a $71,000, or 46.7%, increase in foreclosure related expenses, a $39,000, or 22.3%, increase in armored car expense, and a $51,000 non-recurring expense for the termination of a contract with a third party vendor.
Total assets decreased $16.3 million, or 2.6%, from $616.3 million at December 31, 2011 to $600.0 million at December 31, 2012. The decrease in total assets was primarily due to a decrease in cash and cash equivalents of $21.5 million, or 35.2%, and a decrease in investments of $14.3 million, or 19.3%, partially offset by the increase in total loans of $21.5 million, or 4.8%, from $447.1 million, or 72.5% of total assets, at December 31, 2011 to $468.7 million, or 78.1% of total assets, at December 31, 2012.
2
The significant components of the $21.5 million, or 4.8%, increase in loans in 2012 was a $14.7 million, or 8.4%, increase in commercial real estate loans, a $5.2 million, or 6.5%, increase in commercial and industrial loans, a $4.1 million, or 12.9%, increase in commercial construction loans and a $1.9 million, or 6.5%, increase in home equity loans. These increases were partially offset by a $3.0 million, or 2.5%, decrease in one- to four-family residential real estate loans. The decrease in one- to four-family residential real estate loans was primarily due to the prepayments and refinancing activity attributed to the historically low interest rates. In accordance with the Company’s asset/liability management strategy and in an effort to reduce interest rate risk, the Company continues to sell low coupon fixed rate residential real estate loans to the secondary market. During the year ended December 31, 2012, the Company sold $24.4 million in low coupon fixed rate loans and currently services $87.1 million in loans sold to the secondary market. The increase in construction loans was primarily due to the $4.1 million, or 12.9%, increase in the
commercial construction portfolio to existing commercial relationships for the expansion of their facilities in Hampden County. Upon completion, the loans will be transferred to the commercial real estate loan portfolio.
The allowance for loan losses of $4.4 million, or 0.93%, of total loans, decreased $212,000, or 4.6%, from December 31, 2011. The allowance for loan losses as a percentage of non-performing loans increased from 97.1% at December 31, 2011 to 109.5% at December 31, 2012. Management reviews the level of the allowance for loan losses on a monthly basis and establishes the provision for loan losses based on loan volume, types of lending, delinquency trends, loss experience, estimated collateral values, current economic conditions and other related factors. Management believes that a 0.93% allowance for loan losses to total loans is sufficient to cover all inherent losses in the portfolio that are both probable and reasonable to estimate.
Asset quality continues to be the top focus for management and we continue to work aggressively to resolve problem loans as they arise. Non-performing assets decreased $1.1 million, or 18.9%, from $5.6 million, or 0.91% of total assets, at December 31, 2011 to $4.6 million, or 0.76%, of total assets at December 31, 2012. Non-performing assets at December 31, 2012, included $572,000 of OREO and $4.0 million of non-performing loans. Non-performing loans decreased $724,000 million, or 15.4%, from $4.7 million, or 1.05% of total loans, at December 31, 2011 to $4.0 million, or 0.85% of total loans, at December 31, 2012.
The investment securities portfolio, including securities held to maturity and available for sale, decreased $14.3 million, or 19.2%, to $60.2 million. This decrease was primarily due to a $13.3 million, or 49.2%, decrease in the U.S. Treasury portfolio, a $4.2 million, or 31.5%, in certificates of deposit, and a decrease of $892,000, or 43.1%, in collateralized mortgage obligations, partially offset by the increase in tax-exempt industrial revenue bonds of $4.1 million, or 12.9%.
Total deposits increased $12.8 million, or 2.8%, from $453.4 million at December 31, 2011 to $466.2 million at December 31, 2012. Core deposits, which we consider to be all deposits except certificates of deposit, increased $48.4 million, or 20.2%, from $240.3 million, or 53.0% of total deposits, at December 31, 2011 to $288.7 million, or 61.9% of total deposits, at December 31, 2012. NOW accounts increased $10.0 million, or 37.3%, demand deposits increased $6.6 million, or 9.6%, money market accounts increased $30.1 million, or 30.9%, and savings accounts increased $1.8 million, or 3.7%. The increase in core deposits was partially offset by the $35.7 million, or 16.7%, decrease in certificates of deposit to $177.4 million, or 38.1% of total deposits. Our continued success in growing low-cost relationship core deposits and continued disciplined pricing on new and renewing certificates of deposits at lower interest rates contributed to the $786,000, or 15.1%, decrease in deposit interest expense for the twelve months ended December 31, 2012.
Borrowings decreased $28.5 million, or 39.8%, from $71.6 million at December 31, 2011 to $43.1 million at December 31, 2012 and consisted of $9.8 million in repurchase agreements and $33.3 million in Federal Home Loan Bank advances.
Stockholders’ equity decreased $813,000, or 0.9%, from $90.8 million, or 14.7% of total assets, at December 31, 2011 to $90.0 million, or 15.0% of total assets, at December 31, 2012. The decrease in stockholders’ equity was primarily due to the repurchase of the Company’s stock at a cost of $4.4 million, partially offset by an increase in stock-based compensation of $826,000 or 17.5%, an increase in additional paid-in-capital of $244,000, or 8.7%, and net income of $2.5 million. Pursuant to the Company’s Stock Repurchase Programs previously announced, the Company repurchased 306,054 shares of Company stock at an average price per share of $14.27.
At December 31, 2012, the Company’s regulatory capital ratios continue to exceed the levels required to be considered “well-capitalized” under federal banking regulations. Our capital management strategies have allowed us to increase our book value per share by $0.74, or 4.7%, to $16.57 at December 31, 2012 compared to $15.83 per share at December 31, 2011.
3
The Company’s year end results were one of the best in the Company’s history. This quarter marks the Company’s eleventh consecutive quarter of positive earnings.
We are pleased to announce the Board’s decision to initiate a Dividend Program for the Company’s stockholders. This is a significant milestone for our Company and provides another tool to enhance stockholder value. Chicopee Bancorp, Inc. is well capitalized, boasts an improving net interest margin and is again demonstrating a growing loan portfolio while selling $24.4 million in low coupon fixed rate residential real estate loans to the secondary market.
We continue to show steady improvement in core earnings on a quarter-to-quarter basis. Although the Company’s net interest income continues to be challenged by the sustained low interest rate environment, net interest income increased $822,000, or 4.6%, over the last twelve months and the net interest margin increased to 3.54%. This improvement was accomplished by managing the cost of funds to offset the continued decrease in the asset yield.
We continue to focus on deploying the Company’s high cash position into higher-yielding quality loans and remain committed to our expense reduction initiatives. The efficiency ratio decreased from 88.23% for the three months ended December 31, 2011 to 74.4% for the three months ended December 31, 2012 and decreased from 91.0% for the year ended December 31, 2011 to 84.0% for 2012.
We are also very pleased with the strong growth in both loans and core deposits, the cornerstones for enhancing the franchise value of the Company. Core deposits increased $48.4 million, or 20.2%, and the loan portfolio grew by $21.5 million, or 4.8%, from December 31, 2011. Excluding one-to four-family residential real estate loans which have been decreasing due to management’s decision to sell fixed rate low coupon one-to four-family residential loans, the remaining loan portfolio increased $24.6 million, or 7.6%, from December 31, 2011.
The management team continues to work diligently to improve asset quality and reduce non-performing assets. Asset quality remains favorable at December 31, 2012 as reflected in the ratio of non-performing loans as a percentage of total loans of 0.85% and non-performing assets as a percentage of total assets of 0.76%.
We have managed the Company through one of the most challenging economic conditions by executing our business strategy. We will continue to stay the course through these challenging times and continue to identify opportunities in the marketplace. We remain confident in our strategic plan to build long-term franchise value as we continue to increase the Company’s tangible book value which has increased $0.74, or 4.7%, from $15.83 at December 31, 2011 to $16.57 at December 31, 2012.
Chicopee Bancorp, Inc. is a publicly owned bank holding company and the parent corporation of Chicopee Savings Bank, a Massachusetts stock savings bank headquartered at 70 Center Street, Chicopee, MA 01013. Chicopee Savings Bank provides a wide variety of financial products and services through its main office, seven branch offices located in Chicopee, Ludlow, West Springfield, South Hadley, and Ware in Western Massachusetts, and lending and operations center. Chicopee Savings Bank offers customers the latest and most technically advanced internet banking, including on-line banking and bill payment services. The Bank's deposits are insured by the Federal Deposit Insurance Corporation and the Depositors Insurance Fund of Massachusetts. For more information regarding the Bank’s products and services, please visit our web site at www.chicopeesavings.com.
This news release contains forward-looking statements, which can be identified by the use of words such as "believes," "expects," "anticipates," "estimates" or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, but are not limited to, general economic conditions, changes in the interest rate environment, legislative or regulatory changes that may adversely affect our business, changes in accounting policies and practices, changes in competition and demand for financial services, adverse changes in the securities markets, changes in deposit flows and changes in the quality or composition of the Company's loan or investment portfolios. Additionally, other risks and uncertainties may be described in the Company's quarterly reports on Form 10-Q and its annual report on Form 10-K, each filed with the Securities and Exchange Commission, which are available through the SEC's website at www.sec.gov. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company assumes no obligation to update any forward-looking statements, except as required by law.
4
CHICOPEE BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | ||||||||
(unaudited) | ||||||||
December 31, | ||||||||
ASSETS | 2012 | 2011 | ||||||
(In Thousands, except per share data) | ||||||||
Cash and due from banks | $ | 11,073 | $ | 10,665 | ||||
Federal funds sold | 3,372 | 50,457 | ||||||
Interest-bearing deposits with the Federal Reserve Bank of Boston | 25,163 | — | ||||||
Total cash and cash equivalents | 39,608 | 61,122 | ||||||
Securities available for sale, at fair value | 621 | 613 | ||||||
Securities held to maturity, at cost (fair value $67,108 and $80,607 | ||||||||
at December 31, 2012 and 2011, respectively) | 59,568 | 73,852 | ||||||
Federal Home Loan Bank stock, at cost | 4,277 | 4,489 | ||||||
Loans receivable, net of allowance for loan losses ($4,364 at | ||||||||
December 31, 2012 and $4,576 at December 31, 2011) | 465,211 | 443,471 | ||||||
Loans held for sale | — | 1,635 | ||||||
Other real estate owned | 572 | 913 | ||||||
Mortgage servicing rights | 368 | 344 | ||||||
Bank owned life insurance | 13,807 | 13,427 | ||||||
Premises and equipment, net | 9,459 | 9,853 | ||||||
Accrued interest receivable | 1,567 | 1,527 | ||||||
Deferred income tax asset | 3,252 | 2,893 | ||||||
FDIC prepaid insurance | 467 | 824 | ||||||
Other assets | 1,205 | 1,343 | ||||||
Total assets | $ | 599,982 | $ | 616,306 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Deposits | ||||||||
Demand deposits | $ | 75,407 | $ | 68,799 | ||||
NOW accounts | 36,711 | 26,747 | ||||||
Savings accounts | 48,882 | 47,122 | ||||||
Money market deposit accounts | 127,730 | 97,606 | ||||||
Certificates of deposit | 177,447 | 213,103 | ||||||
Total deposits | 466,177 | 453,377 | ||||||
Securities sold under agreements to repurchase | 9,763 | 12,340 | ||||||
Advances from Federal Home Loan Bank | 33,332 | 59,265 | ||||||
Accrued expenses and other liabilities | 741 | 542 | ||||||
Total liabilities | 510,013 | 525,524 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity | ||||||||
Common stock (no par value, 20,000,000 shares authorized, 7,439,368 shares issued; | ||||||||
5,428,585 outstanding at December 31, 2012 and 5,736,303 outstanding at December 31, 2011) | 72,479 | 72,479 | ||||||
Treasury stock, at cost (2,010,783 shares at December 31, 2012 and | ||||||||
1,703,065 shares at December 31, 2011) | (26,567 | ) | (22,190 | ) | ||||
Additional paid-in capital | 3,044 | 2,800 | ||||||
Unearned compensation (restricted stock awards) | (18 | ) | (546 | ) | ||||
Unearned compensation (Employee Stock Ownership Plan) | (3,868 | ) | (4,166 | ) | ||||
Retained earnings | 44,873 | 42,408 | ||||||
Accumulated other comprehensive (loss) income | 26 | (3 | ) | |||||
Total stockholders' equity | 89,969 | 90,782 | ||||||
Total liabilities and stockholders' equity | 599,982 | 616,306 | ||||||
The accompanying notes are an integral part of these consolidated financial statements. | ||||||||
5
CHICOPEE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(Amounts in thousands, except per share amounts) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Interest and dividend income: | |||||||||||||||
Loans, including fees | $ | 5,631 | $ | 5,709 | $ | 22,649 | $ | 23,186 | |||||||
Interest and dividends on securities | 436 | 421 | 1,684 | 1,615 | |||||||||||
Other interest-earning assets | 11 | 22 | 64 | 49 | |||||||||||
Total interest and dividend income | 6,078 | 6,152 | 24,397 | 24,850 | |||||||||||
Interest expense: | |||||||||||||||
Deposits | 1,032 | 1,181 | 4,412 | 5,198 | |||||||||||
Securities sold under agreements to repurchase | 2 | 8 | 13 | 36 | |||||||||||
Other borrowed funds | 220 | 385 | 1,202 | 1,668 | |||||||||||
Total interest expense | 1,254 | 1,574 | 5,627 | 6,902 | |||||||||||
Net interest income | 4,824 | 4,578 | 18,770 | 17,948 | |||||||||||
Provision for loan losses | 202 | 266 | 442 | 842 | |||||||||||
Net interest income, after provision for loan losses | 4,622 | 4,312 | 18,328 | 17,106 | |||||||||||
Non-interest income: | |||||||||||||||
Service charges, fee and commissions | 534 | 504 | 2,228 | 1,964 | |||||||||||
Loan sales and servicing, net | 381 | 123 | 667 | 373 | |||||||||||
Net gain on sales of securities available for sale | — | — | — | 12 | |||||||||||
Loss on sale of other real estate owned | (29 | ) | (27 | ) | (249 | ) | (126 | ) | |||||||
Other than temporary impairment charge | (37 | ) | — | (37 | ) | — | |||||||||
Income from bank owned life insurance | 95 | 99 | 380 | 395 | |||||||||||
Other non-interest income | — | — | 34 | 32 | |||||||||||
Total non-interest income | 944 | 699 | 3,023 | 2,650 | |||||||||||
Non-interest expenses: | |||||||||||||||
Salaries and employee benefits | 2,365 | 2,678 | 10,429 | 10,895 | |||||||||||
Occupancy expenses | 349 | 345 | 1,476 | 1,534 | |||||||||||
Furniture and equipment | 204 | 218 | 798 | 728 | |||||||||||
FDIC insurance assessment | 86 | 124 | 357 | 537 | |||||||||||
Data processing | 302 | 287 | 1,119 | 1,166 | |||||||||||
Professional fees | 103 | 126 | 550 | 547 | |||||||||||
Advertising | 154 | 159 | 594 | 571 | |||||||||||
Stationery, supplies and postage | 88 | 83 | 337 | 362 | |||||||||||
Other non-interest expense | 640 | 636 | 2,645 | 2,394 | |||||||||||
Total non-interest expenses | 4,291 | 4,656 | 18,305 | 18,734 | |||||||||||
Income before income tax expense (benefit) | 1,275 | 355 | 3,046 | 1,022 | |||||||||||
Income tax expense (benefit) | 282 | (24 | ) | 581 | (78 | ) | |||||||||
Net income | $ | 993 | $ | 379 | $ | 2,465 | $ | 1,100 | |||||||
Earnings per share: | |||||||||||||||
Basic | $ | 0.19 | $ | 0.07 | $ | 0.48 | $ | 0.21 | |||||||
Diluted | $ | 0.19 | $ | 0.07 | $ | 0.48 | $ | 0.21 | |||||||
Adjusted weighted average common shares outstanding | |||||||||||||||
Basic | 5,040,314 | 5,260,330 | 5,120,653 | 5,335,811 | |||||||||||
Diluted | 5,040,631 | 5,275,133 | 5,136,011 | 5,360,749 | |||||||||||
The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||||||
6
CHICOPEE BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||||
SELECTED FINANCIAL DATA AND RATIOS | ||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Operating Results: | ||||||||||||||||
Net interest income | $ | 4,824 | $ | 4,578 | $ | 18,770 | $ | 17,948 | ||||||||
Loan loss provision | 202 | 266 | 442 | 842 | ||||||||||||
Non-interest income | 944 | 699 | 3,023 | 2,650 | ||||||||||||
Non-interest expense | 4,291 | 4,656 | 18,305 | 18,734 | ||||||||||||
Net income | 993 | 379 | 2,465 | 1,100 | ||||||||||||
Performance Ratios: | ||||||||||||||||
Return on average assets | 0.66 | % | 0.25 | % | 0.41 | % | 0.19 | % | ||||||||
Return on average equity | 4.39 | % | 1.65 | % | 2.75 | % | 1.2 | % | ||||||||
Interest rate spread | 3.37 | % | 3.11 | % | 3.28 | % | 3.16 | % | ||||||||
Net interest margin | 3.64 | % | 3.4 | % | 3.54 | % | 3.47 | % | ||||||||
Non-interest income to average assets | 0.63 | % | 0.46 | % | 0.51 | % | 0.45 | % | ||||||||
Non-interest expense to average assets | 2.86 | % | 3.05 | % | 3.06 | % | 3.21 | % | ||||||||
Efficiency Ratio | 74.39 | % | 88.23 | % | 83.99 | % | 90.95 | % | ||||||||
Average Equity to Average Assets | 15.08 | % | 15.05 | % | 15.02 | % | 15.72 | % | ||||||||
Per Share Data | ||||||||||||||||
Diluted earnings per share | $ | 0.19 | $ | 0.07 | $ | 0.48 | $ | 0.21 | ||||||||
Stock price at period end | $ | 15.89 | $ | 14.10 | ||||||||||||
Book value per share | $ | 16.57 | $ | 15.83 | ||||||||||||
Asset Quality Ratios: | ||||||||||||||||
Allowance for loan losses as a percent of total loans | 0.93 | % | 1.02 | % | ||||||||||||
Allowance for loan losses as a percent of total non-performing loans | 109.5 | % | 97.1 | % | ||||||||||||
Net charge-offs to average loans outstanding during the period | 0.14 | % | 0.16 | % | ||||||||||||
Non-performing loans as a percent of total loans | 0.85 | % | 1.05 | % | ||||||||||||
Non-performing assets as a percent of total assets | 0.76 | % | 0.91 | % | ||||||||||||
Other Data: | ||||||||||||||||
Number of Offices | 9 | 9 | ||||||||||||||
(1) Efficiency Ratio includes total non-interest expenses divided by the sum of net interest income plus total non-interest income. | ||||||||||||||||
CONTACT:
Chicopee Bancorp, Inc.
Guida R. Sajdak, 413-594-6692
Senior Vice President, Chief Financial Officer and Treasurer
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